Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 28, Problem 1DQ
To determine
Transactions in a barter system.
Expert Solution & Answer
Explanation of Solution
In trade, a barter system refers to the exchange of goods and services without the use of a common currency. The party directly exchanges goods and services with other goods and services. The coincidence of need is necessary for this situation.
If a barter system exists in an economy, then students would have to find a college interested in acquiring something that they could produce. Suppose the college does not
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Economics: Principles & Policy
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